Nj real estate final exam - Study guides, Class notes & Summaries

Final Exam NJ - Real Estate Chapter #3 Questions and Answers Two two main documents and the mortgage or the mortgage and the note, the note is a(n) - Answer-financing instrument Real estate property taxation in New Jersey is complex because not all townships within the state - Answer-assess property exactly at market value An alternative to foreclosure is for the mortgage lender to accept - Answer-Deed in lieu of foreclosure In a fully-amortized mortgage loan, regular payments are ap...

NEW JERSEY TITLE PRODUCER 2024 Final Exam Q & A ALTA 1 - CORRECT ANSWER-Street Assessments ALTA 2 - CORRECT ANSWER-Truth in lending owners policy - CORRECT ANSWER-insures estates of ownership, remains constant over the life of the property. Covers property line disputes. A type of title insurance issued in the name of the property owner. Coverage runs from the time of purchase for as long as the policyholder owns the property. mortgage lender policy (loan policy) - CORRECT ANSWER-lende...

Final Exam NJ - Real Estate Part 3

FINAL EXAM -NJ REAL ESTATE Questions and Answers Passed 100% The type of deed that warrants only that the grantor has not impaired the title during the term in which he held it is referred to as. 1. Quitclaim Deed 2. General Warranty Deed 3. Bargain and Sale Deed 4. Bargain and Sale Deed, CAG *ANS* Bargain and Sale Deed, CAG Taxes raised to pay for improvements that benefit real estate are referred to as 1. Special Assessments 2. Facilities Taxes 3. Ad Valorem Taxes 4. Lu...

NJ Title Producer Title Final Exam Questions With Verified Answers. "A" and "B" bought a house as tenants in common. If "A" dies which of the following statements about ownership of the house is correct? A) It automatically becomes tenancy in severalty. B) It is divided, with B retaining their original interest and the balance going to A's estate. C) B holds fee simple ownership to A's share of the property D) B holds a life estate ownership to A's share of the property - answerB...

A tax assessor determined that a commercial building with a 3.5% mortgage has a market value of $400,000. If the assessed value is 60% of market value and the tax rate is 63 1/2 mills, what is the annual tax? A. $5,305.50 B. $8,837.50 C. $15,150.00 D. $25,250.00 - ️️C. 15,150.00 Which of the following statements about airborne radon is TRUE? o. A. it has an easily detectable odor. B. its only found in older wood frame structures. C. is inexpensively detected and mitigated. D. iti...

Practice Test 2- NJ Real Estate Exam (Multiple Choice) Answered 100% Correct According to fair housing, which of these is not a protected class? A. muslim B. arab C. homosexual D. single mother *ANS* C. homosexual The front door key to a house is: A. chattel B. fixture C. improvement D. trade fixture *ANS* B. fixture The phrase "bundle of legal rights" is properly included in: A. the definition of real property B. a legal description C. real estate transactions D. le...

NEW JERSEY (NJ) Real Estate Final Exam with Answers 2023